BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Savills plc (SVS.L) Thursday announced that its subsidiary Savills Investment Management signed for a strategic investment alliance with Samsung Life, a life insurer in Korea, and its real estate asset management subsidiary Samsung SRA.
As per the agreement, Samsung Life will acquire a minority interest in Savills IM Holdings Ltd and commit capital of $1 billion to Savills IM's investment strategies over the first four years.
Upon the completion of the deal in the fourth quarter, Samsung Life will acquire an initial minority stake of 25 percent in Savills IM for 63.75 million pounds in cash.
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